During the same week that JPMorgan announced a $2 Billion loser of a bet, Bullard said, “We do not need these companies to be as big as they are. We should say we want smaller institutions so that they can safely fail if they need to fail.”

This isn’t the first time we’ve heard from one of the Federal Reserves on the topic of breaking up the big banks this month. Dallas Fed Chief Richard Fisher, who Business Insider refers to as “a staunch hawk on monetary policy” published a terrific 39-page presentation a few weeks ago titled, “Choosing the Road to Prosperity,” with cool charts, nifty illustrations, and is surprisingly simply worded and easy to understand. The slide show makes a cogent argument against TBTF.